Dubai’s total gross domestic product (GDP) grew by 6.2 percent to reach 73.3 billion Emirati dirhams ($20 billion) in 2003, against Dh 69.09 billion in 2002, according to the Emirate’s Department of Economic Development (DED).

The growth in the GDP is expected to continue at a similar rate to reach 76 billion in 2004. According to Director General of DED, Mohamed Ali Alabbar, growing revenues from high oil prices, the increase in government sector spending and the continuing growth in the non-oil sector had resulted in the UAE economy recording one of the highest growth percentages since the early 1990s.

Alabbar noted that the increasing repatriation of Arab capital investments to Dubai had resulted in a significant positive growth last year. This trend is expected to grow in the long term, as a result of the low interest rates on deposits worldwide and the high return on investment in Dubai.

The DED Director General expects the total non-oil trade in Dubai to reach Dh 140 billion in 2004, compared to Dh 133.3 billion in 2003. He asserted that the increase will be largely due to a rise in imports and re-exports. He forecasts that imports will reach Dh 99.5 billion in 2004, up from Dh 94.7 billion in 2003. — (menareport.com)